Министерство здравоохранения Кипра сделало тесты на коронавирус обязательными для сотрудников предприятий, возобновляющих свою работу. Тесты будут бесплатными.
С 1 февраля обязательным для работающих компаний становится еженедельное тестирование минимум 20% персонала. Сотрудники должны иметь возможность покидать рабочее место для прохождения теста. Правительство увеличило число пунктов тестирования с 25 до 40 и намерено ежедневно проверять 8–10 тыс. человек. По плану, к 8 февраля, когда откроются магазины розничной торговли, все сотрудники, которые возвращаются на работу, должны быть протестированы.
Наравне с тестированием важной профилактической мерой остается тщательное соблюдение санитарных протоколов, о чем должно озаботиться руководство предприятий, работодатели, ассоциации и профсоюзы.
К слову, также с 1 февраля начнутся одноразовые выплаты всем компаниям, пострадавшим от пандемии. Предоставление финансовой помощи стало возможным благодаря тому, что парламент наконец одобрил бюджет Кипра на 2021 год. Первыми на очереди за выплатами – гостиницы, за которыми последуют предприятия розничной торговли, магазины в торговых центрах, а потом и остальные. Всего правительство рассчитывает поддержать около 32 тыс. компаний, оборот которых из-за пандемии сократился не менее чем на 35% по сравнению с 2019 годом. Подробнее о том, какие именно меры принимает правительство для поддержки бизнеса в ближайшие месяцы, можно прочесть здесь.
Кипр подал на рассмотрение Европейской комиссии черновой проект по использованию средств из европейского Фонда восстановления экономики после пандемии Next Generation EU в 2021-2026 годах.
По данным Кипрского агентства новостей теперь Кипру и Еврокомиссии предстоит ряд тематических консультаций с тем, чтобы выработать финальный проект документа. Сделать это планируется к апрелю текущего года, когда предложения стран будут официально представлены Еврокомиссии. Окончательное решение о выделении средств должно быть принято до конца апреля.
Тем временем, министр финансов Константинос Петридис и депутаты парламента снова приступают к обсуждению реформ, предусмотренных вышеупомянутым проектом. Первый раунд переговоров состоялся в сентябре прошлого года.
Предложения Кипра касаются целого ряда областей и проектов, а его бюджет предусматривается на уровне €1,2 млрд. Большая часть этих средств – €968 млн – должна поступить из фонда.
В частности, привлечь европейское финансирование планируется в пяти приоритетных областях, а именно, здравоохранение и социальная защита, меры против пандемии, переход к «зеленой» экономике, повышение конкурентоспособности и экономической устойчивости, цифровизация на рынке труда, образования и человеческого капитала.
The Successful Business Magazine is publishing a renewed set of propositions (released in December 2020), calling for immediate action to Restart Cyprus: Now. We have prepared a summary of the report. You may find the full version on www.pwc.com.cy.
PUBLIC SECTOR REFORM.
1. Modernise the public administration to achieve efficiency and effectiveness.
Proceed with horizontal reforms in human resource management of the public sector. The civil service needs to shift away from traditional people management practices to attract needed talent and make better use of employee capabilities. Meanwhile, the digital transformation of public administration is also crucial as it allows the government to redefine its role and become more citizen-focused. As the current situation stands, ongoing collective negotiations with public-employee unions have taken away some of the State’s decision-making power, leading to a distortion of the labour market, weakening public finances, and lessening the government’s responsiveness as well as the quality of public services.
a. Encourage mobility in the public sector
Civil servants’ mobility should be encouraged in order for staff to be redeployed to cover changing business needs. By developing a policy for mobility between offices, departments, teams, etc. the public sector will promote transparency and eliminate corruption. Mobility in senior management positions would also create a wider internal labour market in the public sector with more career opportunities for capable civil servants. This would also improve coordination between public services, as senior PUBLIC SECTOR REFORM staff would have experience in more than one service.
b. Civil servants to be appointed and promoted on merit
Redesign the appraisal system for civil servants, creating new procedures and criteria for the evaluation and selection of candidates for promotions. Merit and performance need to act as key determinants of promotions and salary increases. In this way, individual goals can align with organisational goals, while achieving the delivery of high-quality public services. To this end, it is critical to improve training and encourage upskilling across the entire civil service for individuals to be able to meet their objectives. On this front, evaluation should be done on an annual basis by the head of each department, on the basis of specific quality and quantitative targets, to have tangible results for the people appraised.
2. Create an e-government.
The government should utilise digital technology and leverage Cyprus’ assets to achieve economic growth transcending the national borders, and social development, raising Cyprus' position to an above average position in the Digital Economy and Society Index (DESI). In order to bring its vision to fruition, in an efficient and effective manner, the Government needs to formulate an e-government strategy that would reflect the necessary interventions and promote effective and efficient coordination between the ministries and other public entities. An e-government concerns the whole society and relates to all aspects of the social and financial activity of Cyprus. It is a very important factor to attract foreign investors and in general, to develop Cyprus as a peripheral service provider centre.
Time-consuming bureaucratic procedures with manual checks should be quickly replaced digitally so that organisations and, in some cases, employees themselves can easily deal with repetitive administrative tasks while working on reduced hour schedules. Moreover, the government should develop a remote working policy to ensure continuity of business and the provision of government services at all times. Estonia is a good example to follow. It has been building up its e-government since the mid-90s. Today 99% of public services there are available online 24/7. Cyprus and Estonia have a Memorandum of Understanding in place in e-governance and it should be vigorously pursued.
3. Achieve better coordination between public and private sectors.
For the effective execution of a national economic strategy it is necessary to achieve a coordinated response on behalf of the public and private sectors.
a. Internally
The State should use various tools at its disposal to direct private sector activity in the targeted growth areas – these span fiscal and non-fiscal measures and should include amongst others, tax incentives, appropriate utilisation of the Next Generation EU funds towards structural reforms, and digitalisation of the public sector, leading to a more business-friendly environment and a “greener”, more sustainable economy. There is also a need to reconsider if measures are required in order to re-establish a currently absent equity market, which is depriving the private sector of non-credit funding. At the same time, the broader education system should also be used to accelerate the upskilling of our current and future workforce with the skills required by the new world.
b. Externally
It is vital that as a country we develop further our economic diplomacy and project a single and clear voice in promoting Cyprus internationally in order to promote Cyprus’ key export product (i.e. tourism) as well as encourage foreign investment. There are many areas where this is necessary, including addressing decisively negative perceptions of money laundering and financial corruption, effectiveness of the judicial system, quality of service, and social inclusiveness.
4. Key policy/system reforms.
The European Commission has stressed numerous times the need to reform the local tax policy to complement EU legislation, as well as the necessity to accelerate the progress in implementing reforms to the justice system, despite some early steps already taken to address both matters. At this stage we stress the importance of moving ahead with these reforms immediately.
a. Promote a tax reform
Promote a tax reform to proceed with the gradual introduction of environmental taxes and cater for incentives favouring investment in the productive sectors of the economy. The wider implications of the corporate tax harmonisation, convergence of the corporate tax base and rates, and expected revenues from the introduction of other types of taxes, such as digital tax at EU level, should also be taken into account.
b. Accelerate judicial reform
The legal system plays a significant role in building and sustaining the attractiveness and reputation of a jurisdiction which aspires to be an attractive business environment. It is broadly recognised that action is needed to further improve the Cyprus legal system. The reform of the judicial system and the civil procedures rules, the digitalisation of court processes, the consolidation of major legal/regulatory frameworks, are some of the much needed reforms, which are partly underway but which should be accelerated following through the various studies undertaken. The underlying objective of such reforms should be to enable the justice system to reach decisions swiftly and efficiently.
VERTICAL REFORMS
1. Promote sustainable tourism
Continue with the implementation of the National Tourism Strategy 2030. Cyprus should aim to combat seasonality and concentration of tourist activity in specific parts of the island by attracting visitors to more parts of the country and for more months in the year.
Cyprus should rebrand itself as a destination which offers more than just sun and sea by shifting towards sustainableoriented segments.
a. Levelling up our villages and boosting agrotourism
Promote strategies for increasing the capacity of local businesses and the range and quality of goods and services to meet tourism needs, improve the attractiveness of the destination and the quality of tourist experience outside hotels. Identify villages or natural and cultural heritage areas and assets to be developed in a holistic manner. Invite villages to develop and submit proposals in collaboration with their community, to identify which projects they suggest being delivered, which projects require funding, and how these projects will fit into the long term. The government will have to approve the final projects which will unleash the full economic potential of a number of villages throughout the country. Infrastructure investments and other incentives (e.g. tax, or subsidies for renovations) should be made available, promoting sustainable development, authentic Cyprus architecture, traditional products, local culture, and Cyprus cuisine. Focusing on a holistic and sustainable development of these villages and areas will create a domino effect and create opportunities, driving young professionals to move into rural areas. This in turn could increase customers’ discretionary spending, make more areas economically viable, and ensure local community well-being.
b. Take advantage of the upcoming growth in health tourism
Health tourism is a relatively small segment of the global tourism market, but it is likely to grow in the coming years. This presents an economic potential for Cyprus, as it is well-placed to offer a high-quality and holistic medical tourism experience. It is also an opportunity to increase the number of visitors in the "off-season" time of year, while it could also mean that Cyprus will attract higher-spending tourists and reverse the trend observed over recent years (i.e. higher numbers of tourists but lower spending per trip).
On this note, the implementation of the National Health System is of great importance as it will free up resources in the private sector to accept an increasing demand from international patients. To this end, Cyprus needs to accelerate efforts to improve airline connectivity for medical tourists, to avoid multiple connecting flights and long connection times when travelling.
The skills gap in healthcare also needs to be addressed. Cyprus has signed a number of Memoranda of Understanding with various countries to facilitate more cooperation in the medical field; for example, Cyprus and Canada have an MoU in place to drive cooperation with the University of Cyprus and the Health Ministry to develop a world-class university teaching hospital and an advanced learning institute. Developing areas of specialisms in concert with academic institutions could help make Cyprus a key destination for certain health activities.
c. Encourage investments in sustainable tourism
Another initiative could be the implementation of measures to ensure tourist satisfaction at the local destination level by offering a quality experience and providing innovative products and services. Incentives for eco-certification can be used to promote sustainable tourism and encourage businesses to become certified. The private sector can be encouraged to invest in sustainable tourism projects through subsidies, or green loans. Also invest in the local community by offering incentives (e.g. tax) for businesses that buy local goods and services from sustainable sources.
d. Invest in eco-friendly technologies
Provision of incentives (such as subsidy schemes or tax) for Cypriot businesses, particularly hotels and other accommodation units, to stimulate investment in energy and water-efficient new technology during renovation/construction.
e. Monitor tourist satisfaction
It is important that the Deputy Ministry of Tourism continually monitors tourist satisfaction through proper indicators and analytics at both business and destination level, to support a continual improvement cycle. It could also create a rating system of hotels in Cyprus, allocating ratings based on the extent to which hotels use renewable energy, are energy efficient, or incorporate additional green policies, such as good waste management, water use, or elimination of single-use plastic.
2. Encourage investments in agriculture, especially in agrotech, and promote Cypriot speciality foods
The agricultural sector in Cyprus has the potential to grow faster than GDP, provided it is modernised via suitable investments. Agricultural technology (agrotech) is expected to play a large role in the agricultural sector moving forward, as the sector needs to shield from climate change and reduce excessive water and resource use.
Attracting appropriate investments could not only revive growth and productivity in the sector but also identify areas for differentiation and competitive advantages in Cypriot speciality foods, in line with shifting consumer preferences and priorities towards quality and sustainability. Cypriot traditional, authentic, ethical, and organic products can also enhance our tourism offering, as part of embracing a lifestyle, and provide a memento of Cyprus to take away. Due to its small size, Cyprus cannot produce huge volumes at low cost, but it can excel at its quality linked to a green and sustainable agenda. This can also develop the brand of Cyprus globally, increasing the country’s cultural capital, which can positively affect other industries as well.
Cyprus needs to develop and promote technically grounded agriculture degrees in a collaboration between universities and industry, in order to enhance the skills and training required to meet business needs. The degrees should equip young people with the skills necessary for innovation by providing them with both technical and business skills. In addition, students should have the opportunity to gain work experience relevant to their degree, by having a placement year into the industry (e.g. placements at farms or companies implementing agrotech solutions) in order to develop their skills and understand better the realities of the sector. The State should also provide financial subsidies for young people to study in the field of agriculture either locally or abroad.
Finally, it is important to invest in R&D and encourage new technologies to attract international investment.
Source: www.pwc.com.cy
2021 continues the new era of social distancing and remote communication. Reliance on technology keeps increasing in both professional and personal contexts. With the help of AI-driven technologies, the line between physical space and virtual will forever be blurred.
Products traditionally sold offline, in 2020 were increasingly selling online. As companies strived to find new ways of delivering service to customers amid lockdowns, they began to consider how to deliver some of the services through virtual interfaces, using technology such as augmented reality, virtual reality, and mixed reality. Adoption of digital commerce has accelerated by multiple years in only a few months. Social commerce, evolution of omnichannel commerce, instore transformation, and headless services are e-commerce trends that will shape the 2021 innovation roadmap.
People can now "try on" make-up, eyewear, and clothes from the comfort of their homes, and this "try-before-you-buy" model will be developing (e.g. by Facebook that aims to one day launch an assistant to serve up product recommendations on the fly).
Any kind of event has the potential to go beyond simple live streaming and turn into a fully digitalised alternative offering full experience. Transformation in tourism also seems inevitable; the sector becomes reliant on VR/AR technologies and offers virtual experiences including what traditional tourism is not able to offer, such as visiting places of the past or places regularly inaccessible or even places that do not exist (such projects exist in Cyprus as well, e.g. EnterCY). For education, healthcare, real estate, mass media, and many other sectors VR/AR-driven changes will also be profound.
UNCERTAIN REBOUND: V, U, L, OR W?
The pandemic has created an environment of fundamental uncertainty. Despite very hopeful vaccine news, this situation is likely to last for the foreseeable future, which makes any forecasting for 2021 exceedingly difficult.
As the world enters 2021, the second wave is still happening worldwide, and its, yet unknown, size and duration as well as that of any potential future waves is a crucial factor.
Even before Covid-19, developed economies had been still suffering the consequences of the 2013 crisis. In 2020, the situation was exacerbated, and there has been much speculation on how the eventual economic recovery will be: V-shaped, as was the case with all previous epidemics; U-shaped, i.e. gradual but relatively fast; L-shaped, which means getting back to normal will be long and slow; or even W-shaped, if Covid-19 reappears.
For the EU economy, Brexit remains a major threat, particularly for some countries including Cyprus, although the deal reached between the UK and the EU in December is viewed as accelerating the U.K. economy’s recovery in the year ahead. In turn, the European Commission has put forward a proposal for a Brexit Adjustment Reserve to help counter the adverse economic and social consequences in the member states and sectors that are worst affected. It will have an overall budget of €5 billion.
OECD’s forecast for 2020 is that global GDP contracts by 4.2%, Bloomberg gives a similar estimate, 4.1%. For 2021, both organisations see the global economy reversing back to growth of 4.2% and 4.9% respectively.
According to the European Commission’s outlook, the Eurozone economy will suffer a decline of 7.8% of GDP in 2020; Cyprus will see its GDP contracting by 6.2%, but returning to growth of 3.2% in 2021. The Central Bank of Cyprus forecasts -6.2% for 2020, 4.1% for 2021, and 3.4% and 2.7% for the following two years respectively. The economy is expected to return to pre-pandemic levels in Q3 2022.
Sources: forbes.com, hrtrendinstitute.com, gtm-plus.com, cyprus-mail.com, bloombergquint.com, financialmirror.com, finch.com, nnip.com, unctad.org, oecd-ilibrary.org, globalwebindex.com, contactpigeon.com, virtualreality-news.net, eiu.com, statcdn.com, ec.europa.eu, www3.weforum.org, www.pwc.com.cy, zdnet.com, financesonline.com, rise.org.cy, dgepcd.gov.cy, bbc.com, enterprisesurveys.org, classeditori.it
Парламентский комитет по вопросам международных отношений в срочном порядке рассмотрел Межправительственное соглашение по уставу Газового форума Восточного Средиземноморья (ГФВС). Голосование по законопроекту о ратификации соглашения пройдет в ближайшие дни.
По словам министра энергетики, промышленности и торговли Наташи Пилидис, присутствовавшей на заседании комитета, участие в ГФВС является для Кипра очень важным с точки зрения как геополитики, так и практических аспектов эксплуатации газовых месторождений в регионе.
Кроме Кипра, в ГФВС участвуют Египет, Греция, Израиль, Италия, Иордания и Палестинская Автономия. В получении статуса наблюдателя заинтересованы США, ОАЭ и Россия, а Франция заявила о своем желании присоединиться к инициативе в качестве полноправного члена.
Пилидис пояснила, что ГФВС также способствует развитию технического и торгового сотрудничества в газовой сфере. В частности, Форум организовал ряд профильных комитетов, в которых задействованы компании, ведущие добычу газа в регионе.
На сегодняшний день соглашение ратифицировали Египет, Иордания, Израиль Египет и Палестинская Автономия. Пилидис подчеркнула, что Кипру необходимо как можно скорее тоже официально принять соглашение, поскольку на начало февраля запланирована телеконференция членов-основателей Форума.
Владельцы агентств по проведению мероприятий, досуговых и развлекательных центров обратились к правительству с рядом требований, выполнение которых они считают необходимыми, чтобы остаться на плаву.
Представители Кипрской ассоциации развлекательных центров (PASYKED), Кипрской ассоциации профессиональных организаторов мероприятий (PASYEPPEK) и Федерации ассоциаций владельцев досуговых центров (OSIKA) направили властям открытое письмо, в котором они требуют, среди прочего, продления своих лицензий без взимания платы, сохранения НДС на уровне 5% для заведений общественного питания, а также ряд других льгот и скидок.
Авторы письма выражают свое удовлетворение уровнем финансовой поддержки, объявленной на январь. Тем не менее, они считают ее недостаточной для того, чтобы их предприятия смогли полноценно работать в 2021 году.
В дополнение к уже заявленным мерам, они требуют от МВД снизить стоимость выкупа парковочных мест на 60%, с €5 000 до €2 000: резервирование парковок – необходимое для продления лицензии условие. Авторы напоминают, что подобная льгота применялась после кризиса 2013 года.
От Подминистерства туризма требуют включить расходы на поддержание их заведений в бюджет ведомства. Минфин, помимо снижения НДС, просят снизить ставку налога на доходы. Минтруда предлагается отменить обязательные взносы в фонд социального страхования и продолжать выплачивать пособия сотрудникам в течение трех месяцев после возобновления работы заведений. В свою очередь, Союз муниципалитетов просят отменить «профессиональный» сбор, ежегодно взимаемый с компаний, и уменьшить размеры других муниципальных сборов.
€350 млн недополученной прибыли
По данным PASYEPPEK в прошлом году из-за карантинных мер более 13 тыс. пар отложили церемонии бракосочетания. Обслуживающие этот сектор компании недополучили более €350 млн. Повторный карантин в январе лишь усугубил ситуацию, говорится в заявлении ассоциации. Кроме того, отмена мероприятий вызывает цепную реакцию во множестве смежных секторов, от аренды автомобилей до строительной сферы и авиаперевозок. Ассоциация отмечает, что дальнейшие ограничения могут вынудить многие компании вообще прекратить бизнес, и приглашает Минздрав к диалогу по выработке компромиссных мер.
According to www.fintechfutures.com, the following trends will play an important role in the nearest future.
1. CUSTOMER-CENTRIC APPLICATIONS
The proliferation of fintech solutions has brought customers to the forefront of every financial organisation’s thoughts. Where the financial industry once designed processes and applications to suit their own needs, today they must focus on delivering a high-quality customer experience if they want to remain competitive in a crowded marketplace.
Eliminating manual processes, cutting down on external software dependencies, and automating routine tasks will continue to be a major point of emphasis for fintech applications. Customers no longer have the patience to repeatedly fill out lengthy forms or go through the frustrating process of downloading, printing, signing, and scanning documents.
2. DIGITAL-FIRST COLLABORATION
According to a recent IDG study on the enduring business impacts of the Covid-19 pandemic, about 40% of employees are expected to be working remotely on a semi-permanent basis as of January 2021. That means financial organisations will continue to need digital tools in place to provide secure access to files and facilitate collaboration. Physical documents must first be converted into a variety of digital formats with high levels of accuracy and then made available to remote users without compromising data integrity or creating confusion over version history.
Without a dedicated solution on hand for viewing, editing, and managing documents, users are forced to resort to a variety of ad hoc workarounds and third-party software solutions that can quickly compromise data security and increase the likelihood of errors. By integrating those features into their fintech applications, developers can help firms keep all of their documents and files safely within a secure infrastructure while still making them available through easy-to-use web-based API tools.
3. BIG DATA MANAGEMENT
Financial organisations continue collecting huge amounts of data in the course of their business. Some of these data are unstructured and must be processed using powerful analytics tools to identify important trends and potential risks that can help firms make better strategic decisions. But they also gather a great deal of structured data, typically from structured forms like loan applications, tax documents, and bank statements.
Managing all of this information more efficiently will be an important goal for 2021 because having good data insights is essential for identifying opportunities, optimising products and services, and automating essential services.
4. PANDEMIC PROOFING
Even if restrictions are lifted earlier than expected, the risk-averse financial industry will continue to think about how to avoid similar disruptions by implementing paperless processes and electronic data capture options.
Developers can help the financial industry better “pandemic proof” their processes by integrating better document viewing, file conversion, and data capture tools into their software solutions. Not only can they automate traditionally timeconsuming (and error-prone) manual data entry tasks, but they can also build in additional functionality to auto-generate data for new contracts and allow people to sign documents digitally to eliminate the need for face-to-face meetings.
5. BANKING PARTNERSHIPS
Banks and other traditional financial institutions are increasingly partnering with fintech startups to reach new customers and engage with existing clients over new channels.
The integration process will be easier if they have flexible software solutions in place that can navigate multiple file types, perform cleanup and conversion, and extract essential data quickly and accurately. Whether they’re building that functionality into entirely new applications or integrating features into existing legacy systems, fintech developers will play a key role in helping financial organisations accelerate their merger and partnership timetables so they can begin reaping the benefits more quickly.
FINTECH FROM 1950 TO 2017
While the term “fintech” (finance and technology) became a buzzword with the turn of the millennium, the concept behind it is far from new. The financial services industry has long been the flagbearer of tech innovation.
Source: The Evolution of Fintech, The New York Times
Центробанк Кипра подал в районный суд Никосии заявление о ликвидации бывшего Laiki Bank – через семь лет после начала консолидации Laiki согласно решению Еврогруппы в 2013 году.
Об этом сообщил глава ЦБ Константинос Иродоту, выступая перед парламентским комитетом по финансам 25 января. По его словам, заявление было подано 8 января и теперь от решения суда зависит, когда начнется процесс ликвидации банка.
Последние активы банка – его подразделения в Греции – были проданы в июле 2019 года. Завершение этой сделки сделало возможным приступить непосредственно к ликвидации кредитного учреждения.
Иродоту отметил, что на конец сентября 2020 года на балансе банка находилось €232 млн, в том числе €140 млн, вырученных от продажи активов бывшего Laiki. В 2013 году по разным оценкам эта сумма составляла от €663 млн до €800 млн. Глава ЦБ также подчеркнул что главной целью является возврат вкладчикам их средств в максимально возможном объеме.
Далее суд должен рассмотреть заявку ЦБ и назначить официального ликвидатора Laiki, после чего процессу ликвидации будет дан ход. В ответ на критику о том, что дело Laiki тянется уже очень долго и кредиторы и вкладчики банка ждут погашения обязательств перед ними, Иродоту пояснил: продажа подразделений бывшего Laiki на Мальте, в Греции, Сербии, России и Украине – процесс сложный и требующий времени из-за необходимости получать одобрение регуляторов, а также, в случае с Мальтой и Грецией, проводить арбитраж.
Successful Business offers to its readers an overview of the trends that are expected to change the banking industry landscapes in 2021.
NEW TECHNOLOGIES ACCELERATE THE DIGITAL BANKING REVOLUTION
Kanika Hope, Global Strategic, Business Development Director, Temenos
This year’s Economist Intelligence Unit (EIU)’s report “Forging new frontiers: advanced technologies will revolutionise banking” based on a global survey of over 300 senior banking executives, highlights the role of new technologies in driving the digital transformation of banks in the coming years to help them gain competitive advantage, as they face slowing profit growth coupled with intense competition from technology and e-commerce disruptors and payment providers – pressures that have intensified as a result of the ongoing Covid-19 pandemic.
THE IMPACT OF NEW TECHNOLOGIES
Two-thirds (66%) of banking executives say new technologies will continue to drive global banking for the next 5 years compared to 42% of retail bankers in 2019. 84% of respondents agree that DevOps will drive transformation in core banking, while 81% of banking executives believe a multi-cloud strategy will become a regulatory prerequisite.
ARTIFICIAL INTELLIGENCE: A GAME CHANGER
The judicious use of artificial intelligence is seen as a key differentiator between winners and losers in the future. Building AI platforms is already the top technology investment area for banks, immediately after cybersecurity.
DIGITAL TRANSFORMATION ACCELERATED
Improving customer experience and engagement including intimacy and personalisation, migrating to digital channels, and digital marketing all feature at the top of banks’ list of strategic priorities. Even more dramatic is the finding that nearly 60% believe that the traditional branch-based banking model will be dead by 2025, compared to 44% last year. In turn, 75% believe cash will represent less than 5% of all transactions globally compared to 48% last year.
Covid-19 has woken up banks to the realisation that they have no option but to beef up their digital capabilities. Banks need to help non-digital customers, e.g. the elderly, rapidly adopt digital banking.
OPEN BANKING AND THE RISE OF PLATFORMS
With Covid-19 accelerating the digitisation of banking, 45% of banking respondents say their strategic response is to build a "true digital ecosystem" and integrate their self-built digital services and thirdparty offerings, in order to enhance customer experience and create new revenue streams. An overwhelming 83% of survey respondents believe that the platformisation of banking will steer the industry, an increase of 30% over last year.
TOP DIGITAL BANKING TRANSFORMATION TRENDS FOR 2021
Jim Marous, Co-Publisher of www.thefinancialbrand.com
When the pandemic hit, most financial institutions entered a crisis mode of building digital capabilities that allowed consumers to bank without branches. As we enter 2021, banks and credit unions must rethink the definition of "digital banking", with the application of data, analytics, technology, innovation, and people that will transform customer experiences.
1. Focus on digital banking experiences
2. Use of data and AI for predictive personalisation
3. Movement to cloud computing
4. Automation becomes a financial imperative
5. Investment in privacy and security escalates
6. Redefined future of work. Across the entire banking ecosystem, financial institutions are rethinking the way work is done, where it is done, and the skills that will be required to do work going forward.
7. Open banking as a revenue opportunity. According to Juniper Research, the number of open banking users is expected to double in size from 18 million in 2019 to more than 40 million by 2021.
THE FUTURE OF RETAIL, MOBILE, ONLINE, AND DIGITAL-ONLY BANKING TECHNOLOGY
Alicia Phaneuf, www.businessinsider.com
An increasing demand for a digital banking experience from millennials and Gen Z-ers is transforming how the entire banking industry operates.
FUTURE OF RETAIL BANKING
Retail banking refers to the specific services banks can offer to consumers – such as savings and checking accounts, credit and debit cards, and loans. Consumers' growing desire to access financial services from digital channels has led to a surge in new banking technologies that are reconceptualising the entire retail banking market. Retail banks are also launching platforms in the Banking-as-a-Service (BaaS) space to remain competitive.
FUTURE OF MOBILE BANKING
Mobile banking has become the go-to method for users to make deposits, account transfers, and monitor their spendings and earnings. According to Business Insider Intelligence's Mobile Banking Competitive Edge Study, a massive 89% of survey respondents use mobile banking.
DIGITAL MONEY MANAGEMENT APPS
Mobile wallets are another up-and-coming feature in mobile banking. Mobile wallets are applications that emphasise convenience; they allow users to make purchases online or in-store with their smartphones – without ever having to take out their physical credit card.
FUTURE OF ONLINE BANKING
According to Business Insider Intelligence, mobile banking is growing at five times the rate of online banking, and half of all online customers are also mobile banking users. FUTURE OF DIGITAL-ONLY BANKS Digital-only banks, also known as neobanks, are redefining the future of banking around the world.
BANKING TECHNOLOGY TRENDS
A common trend in banking technology is using an application programming interface (API) to make proprietary data available to anyone who has the consumer's permission to access it.
Согласно данным кипрского Центробанка, в третьем квартале 2020 года индекс цен на жилую недвижимость на Кипре снизился впервые за последние четыре года.
Так, к концу сентября прошлого года индекс снизился на 0,3% после непрерывного роста в течение 16 предшествующих месяцев. В годовом выражении показатель продемонстрировал положительную динамику с приростом в 1,2%, что, тем не менее, намного ниже значения за второй квартал 2020-го (+2,2%).
Более того, впервые с первого квартала 2016 года цены на дома снизились в квартальном выражении во всех четырех районах страны: на 1,8% в Пафосе, на 0,5% в Никосии и Ларнаке, и на 0,4% в регионе Фамагусты. Квартиры подешевели на 0,5% по сравнению с предыдущим кварталом – впервые с 2016 года. Более того, в этой категории цены по сравнению с прошлым годом росли примерно на 4% каждый квартал с 2017 года, сейчас же годовой рост замедлился до 2,5%. Главные причины этого – пандемия и отсутствие спроса со стороны иностранных покупателей, отмечает ЦБ.
При этом низкие процентные ставки по ипотечным кредитам, а также финансовая поддержка населения и бизнеса со стороны правительства помогли удержать спрос на рынке недвижимости.
В заключение ЦБ предупреждает, что оценить воздействие пандемии на рынок недвижимости возможно в средне- и долгосрочной перспективе, а значит, в будущих периодах негативный эффект может проявиться с большей силой. Ситуацию могут усугубить и неблагоприятная экономическая ситуация, и растущая безработица и, в меньше степени, отмена программы «гражданство за инвестиции».
